Bitcoin price sold off from a bull-trap at 09h00 UTC today. The move lower has changed the chart technical bias to bearish across the board. An escape route out of stronger decline still exists, but time is running out.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
Yesterday’s guestimate of a retracement to the 1-hour 200-period moving average has been exceeded. The market fell straight down into a test of the $400 zone across exchanges and suddenly the chart is back to looking bearish in the larger timeframes: 4-hour and 1-day.
Sunday’s fizzled launch failed to continue higher to resistance. The bulls had been accumulating for over a week and still only achieved a lower high. On the way down, today, there